AUSTRALIA

Zeta waves white flag

ZETA Petroleum's largest shareholder GMI Investment has refused to fork out any more dough so is buying it out as the junior can't pay back its loans and is on the brink of liquidation having failed to complete a secondary London listing.

Anthony Barich

GMI, which has 29.9% of Zeta's issued capital, has now entered into a sale and purchase agreement with Zeta to extinguish the debt. Zeta advised its shareholders in this morning's ASX announcement that...

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